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BigFX Review 2021: Estonian Broker Avoids Financial Regulator

Jan 19, 2021 , ,
BigFX

Estonian broker BigFX has both forex and CFDs available for their clients. Their parent company is Bigger Investments Limited. Without reservation, any financial services provider within Estonia must have a license from the Estonian Financial Supervision Authority. In contrast, BigFX has no such registration. They are unlicensed and unregulated.

Warning from the Estonian Financial Regulator

Compared to binary options brokers like 365Trading, operating an unregulated forex and CFD broker might not seem so bad. However, in the case of BigFX, there is a specific warning from the Estonian regulator to stay away. Their warning reads that the broker has no authorization from the financial regulator, despite claiming that their base of operations is within Estonia. The warning came in November of 2019 and still stands today.

BigFX Review 2021

Trading With BigFX

The broker has a fairly decent portfolio of available assets. Their currency pair selection is above average, and their CFDs cover a standard collection of stocks, commodities, and more. On the other hand, their spreads are very high. Their lower tier accounts have EUR/USD spreads around 3.5 pips. While the spreads do improve with higher accounts, they remain much too high.

Platform Leaves Much to Be Desired

BigFX has a simplified browser platform for its traders. Up against the industry standard MetaTrader 4, their platform lacks in both trading features and technical indicators. The broker has several fees to further trip up clients. Their withdrawal fees change depending on the client’s trade volume. Traders that do not meet certain requirements must pay an additional 10% on each withdrawal.

You Could Still Be Eligible for a Refund

Brokers often impose fees that eat away at your funds until you have nothing. If you didn’t see the warnings in time and have lost money with your broker, you can contact us to handle your case and get your money back sooner.